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Sat 28 Apr 2012 01:36 PM

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Saudi bourse opens higher, lifted by banks, petchems

Gulf kingdom's all-share index rises 0.9% in early trading amid buoyant oil market

Saudi bourse opens higher, lifted by banks, petchems

Saudi Arabia's bourse opened higher on Saturday, lifted by banks and petrochemical stocks amid a buoyant oil market.

The all-share rose 0.9 percent to 7,606.6 points, the banks index climbed 0.9 percent to 17,321.8 points and the petrochemical sector added 1.1 percent to 6,877.7 points.

Bellweather Saudi Basic Industries Corp (SABIC) gained 0.7 percent.

Alinma Bank, which gained most in stock value, rose 0.7 percent.

US June crude futures rose 38 cents to settle at $104.93 a barrel on Friday. Saudi Arabia is the world's top oil exporter.